ABB (NYSE:ABBNY) Shares Gap Down – Here’s Why

Shares of ABB Ltd (NYSE:ABBNY) gapped down before the market opened on Tuesday . The stock had previously closed at $83.51, but opened at $79.78. ABB shares last traded at $81.49, with a volume of 48,587 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ABBNY. Zacks Research raised ABB from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 17th. Wall Street Zen cut ABB from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 21st. Kepler Capital Markets upgraded ABB from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Evercore initiated coverage on ABB in a research note on Monday, December 15th. They set a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating on shares of ABB in a report on Thursday, January 15th. Four research analysts have rated the stock with a Strong Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

ABB Stock Down 2.0%

The firm has a market capitalization of $150.92 billion, a PE ratio of 38.61, a P/E/G ratio of 2.48 and a beta of 1.24. The stock has a 50-day simple moving average of $85.01 and a 200-day simple moving average of $76.87. The company has a quick ratio of 0.99, a current ratio of 1.37 and a debt-to-equity ratio of 0.44.

About ABB

ABB Ltd. is a global engineering and technology company headquartered in Zürich, Switzerland, with roots dating to the 1988 merger of ASEA and Brown, Boveri & Cie. The company develops and supplies technologies that enable electrification, automation and digitalization across utility, industrial, transportation and infrastructure markets. ABB’s offerings span hardware, software and services designed to improve efficiency, reliability and sustainability for its customers.

ABB’s principal activities include electrification products and systems for power distribution and management; industrial and factory automation solutions; robotics and discrete automation for manufacturing; and motion technologies including electric motors and drives.